Splunk Inc. (NASDAQ:SPLK) fell 10.8% during mid-day trading on Friday . The stock traded as low as $57.81 and last traded at $58.07, with a volume of 6,852,904 shares traded. The stock had previously closed at $65.10.

Several research firms have issued reports on SPLK. Citigroup Inc. raised their target price on Splunk from $62.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday. Barclays PLC raised their target price on Splunk from $51.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday. Canaccord Genuity raised their target price on Splunk from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday. Stifel Nicolaus cut Splunk from a “buy” rating to a “hold” rating in a research note on Friday. They noted that the move was a valuation call. Finally, Robert W. Baird raised their target price on Splunk from $62.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-nine have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $68.81.

The firm’s market cap is $7.79 billion. The stock has a 50-day moving average of $61.07 and a 200-day moving average of $52.30.

Splunk (NASDAQ:SPLK) last announced its earnings results on Thursday, August 25th. The software company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.02. During the same quarter in the prior year, the business earned $0.03 earnings per share. The business had revenue of $212.80 million for the quarter, compared to analyst estimates of $200.52 million. The firm’s revenue was up 43.5% on a year-over-year basis. On average, equities analysts forecast that Splunk Inc. will post $0.29 earnings per share for the current fiscal year.

In other news, SVP Leonard R. Stein sold 1,000 shares of the stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $60.00, for a total transaction of $60,000.00. Following the transaction, the senior vice president now owns 147,595 shares of the company’s stock, valued at $8,855,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Leonard R. Stein sold 3,436 shares of the stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $56.47, for a total transaction of $194,030.92. Following the transaction, the senior vice president now directly owns 142,668 shares in the company, valued at approximately $8,056,461.96. The disclosure for this sale can be found here.

A hedge fund recently raised its stake in Splunk stock. Advisors Asset Management Inc. increased its stake in Splunk Inc. (NASDAQ:SPLK) by 8.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 20,027 shares of the software company’s stock after buying an additional 1,598 shares during the period. Advisors Asset Management Inc.’s holdings in Splunk were worth $1,178,000 at the end of the most recent reporting period.

Splunk Inc is a provider of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. It operates through the development and marketing of software solutions segment, which enables its customers to gain real-time operational intelligence by harnessing the value of their data.

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